The first step on the “roadmap” to switching banks is narrowing down the features, services, and values that matter most to you. No bank is perfect; choosing always involves weighing trade-offs. So, before diving into all the options available, take a moment to reflect on your needs, priorities, and lifestyle. It’s a simple activity that makes the rest of the decision-making process significantly easier! Here are some helpful considerations:
- Location: Online vs. In-person
Did you know that some banks operate entirely online? Choosing an online bank can sometimes mean lower fees and access to a broader range of services, but for those who feel less confident with technology, relying solely on digital platforms might feel like more of a hassle than a convenience. Some banks offer a middle ground, with a few physical branches for occasional face-to-face visits and robust online tools for everyday banking.
- Money Access: Cash vs. Convenience
Is cash still king? Many retailers have moved online and digital wallets make in-person checkout as simple as a tap of your phone – even splitting dinner with friends can be done through services like PayPal, Zelle, or Venmo. For some, the cash-free lifestyle is liberating, but others still value ample free ATMs for quick cash withdrawals. To bridge the gap, some credit unions and online banks now partner with ATM networks like MoneyPass, providing access to ATM machines inside markets and other convenience stores.
- Range of Services: Checking, Savings, Credit, and More
Beyond checking and savings accounts, consider whether you might also benefit from other features like credit cards, safety deposit boxes, home mortgage loans, or investment services. While some people prefer consolidating all their banking services at one institution, others might choose to spread their accounts across different banks to feel more financially secure or find the most competitive options for each service they need.
- Values: Supporting People and the Planet
Third Act’s premier “call to action” urged members to divest from banks funding the climate crisis. There are several vetting websites and accreditations that make it easier to evaluate financial institutions, ensuring they truly “put their money where their mouth is.” In addition to addressing climate change, many banks and credit unions support other meaningful social causes, such as investing in minority-owned businesses or strengthening local communities.
Ready to learn more? The “Move Your Money” Workbook contains detailed instructions, resources, and checklists to guide you through every step of the switching process! There’s also information on green credit cards and investments.
Prefer to speak to a real person? Peer facilitators are also available to support you via virtual “office hours”. Click here for more information.
You can also reach out to us via email at thirdactsocalbanking@gmail.com
Third Act Southern CA and THIS! Is What We Did volunteers and staff are not financial advisors and we are legally prohibited from giving financial advice. The resources and support we provide are for educational purposes only and all financial decisions are your own.